<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
MARYLAND
TRUST 295
(MARYLAND TRADITIONAL TRUST 295)
Estimated Current Return
5.54% to 5.76%
as of 06/01/94
Estimated Long Term Return
5.69% to 5.92%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds
Cusip:
67101L 555 Monthly Payment Option
67101L 563 Quarterly Payment Option
67101L 571 Semi-Annual Payment Option
Registered in Maryland
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--MARYLAND TRADITIONAL TRUST 295
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 2, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 Maryland Health and Higher Educational Facilities Authority, 2003 at 102 A A1
Refunding Revenue Bonds, Suburban Hospital Issue, Series
1993, 5.125% Due 7/1/21. (Original issue discount bonds
delivered on or about October 14, 1993 at a price of
94.689% of principal amount.)
525,000 Anne Arundel County, Maryland, Pollution Control Revenue 2004 at 102 A A2
Refunding Bonds (Baltimore Gas and Electric Company
Project), Series 1994, 6.00% Due 4/1/24.
500,000 Baltimore County Revenue Authority (Maryland), Revenue 2003 at 102 -- A
Refunding Bonds, 1993 Series, 5.375% Due 7/1/13.
500,000 County Commissioners of Charles County, Maryland, Mortgage 2003 at 102 AAA Aaa
Revenue Refunding Bonds, Series 1994A (Holly Station III
Townhouses Project-FHA Insured Mortgage Loan), 5.875% Due
7/1/25. (MBIA Insured.)
450,000 Howard County, Maryland, Metropolitan District Project and 2003 at 102 AA+ Aa1
Refunding Bonds, 1993 Series A, 5.50% Due 8/15/22.
(General Obligation Bonds.)
525,000 Prince George's County, Maryland, Pollution Control Revenue 2003 at 102 A+ A1
Refunding Bonds (Potomac Electric Project), 1993 Series,
6.375% Due 1/15/23.
500,000 Washington Suburban Sanitary District, Maryland, General 2004 at 102 AA Aa1
Construction Refunding Bonds of 1994, 5.00% Due 6/1/13.
(General Obligation Bonds.)
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 97.49 5.54% 5.57% 5.59%
500-999 50,000-99,999 4.75 97.33 5.55 5.58 5.60
1,000-2,499 100,000-249,999 4.50 97.08 5.56 5.60 5.62
2,500-4,999 250,000-499,999 4.25 96.83 5.58 5.61 5.63
5,000-9,999 500,000-999,999 3.50 96.07 5.62 5.66 5.68
10,000-24,999 1,000,000-2,499,999 3.00 95.58 5.65 5.68 5.70
25,000-49,999 2,500,000-4,999,999 2.50 95.09 5.68 5.71 5.73
50,000 and over 5,000,000 and over 2.00 94.60 5.71 5.74 5.76
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 97.49 5.69 % 5.73 % 5.74 %
500-999 50,000-99,999 4.75 97.33 5.69 5.73 5.75
1,000-2,499 100,000-249,999 4.50 97.08 5.71 5.75 5.77
2,500-4,999 250,000-499,999 4.25 96.83 5.72 5.76 5.78
5,000-9,999 500,000-999,999 3.50 96.07 5.77 5.81 5.83
10,000-24,999 1,000,000-2,499,999 3.00 95.58 5.80 5.84 5.86
25,000-49,999 2,500,000-4,999,999 2.50 95.09 5.83 5.87 5.89
50,000 and over 5,000,000 and over 2.00 94.60 5.86 5.90 5.92
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Maryland Traditional Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4350(1) $ 5.4017
-------- $.4500 every month --------
Quarterly Distribution Plan........... $ .4350(1) $ .4527(2) $ 1.3581 $ 1.3581 $ 1.3581 $ 5.4337
Semi-Annual Distribution Plan......... $ .4350(1) $ 1.8168(3) $ 2.7252 $ 5.4527
- ---------------------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 4-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.11 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01500 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.4350 per unit for the 29-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 07/01/94 is $.4350 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01500 Quarterly - $0.01509
Semi-Annual - $0.01514
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
732
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.1 years.
The first bond is scheduled to mature in June, 2013, with the last bond maturity
being July, 2025.
- -------------------------------------------------
QUALITY OF PORTFOLIO AS RATED BY
STANDARD & POOR'S CORPORATION
OR MOODY'S INVESTORS SERVICES
- -------------------------------------------------
<TABLE>
<CAPTION>
Rating Percent of Portfolio
Category Par Value
<S> <C> <C>
- -------------------------------------------------------------
AAA 15%
AA 27
A1/A+ 29
A 29
---
100%
</TABLE>
- -------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
NATIONAL
INSURED
TRUST 270
Estimated Current Return
First
Year: 5.71% to 5.93%
Subsequent
Years: 5.74% to 5.96%
as of 06/01/94
Estimated Long Term Return
5.79% to 6.02%
100,000 units in a
diversified $10,000,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101X 674 Monthly Payment Option
67101X 682 Quarterly Payment Option
67101X 690 Semi-Annual Payment Option
Registered in all states
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, NATIONAL INSURED TRUST 270
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 2, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$1,000,000 Los Angeles County Transportation Commission (California), 2002 at 102 AAA Aaa
Proposition C Sales Tax Revenue Bonds, Second Senior
Bonds, Series 1992-A, 6.00% Due 7/1/23. (Original issue
discount bonds delivered on or about November 17, 1992 at
a price of 91.172% of principal amount.)
1,000,000 The City of Los Angeles, California, Wastewater System 2003 at 102 AAA Aaa
Revenue Bonds, Refunding Series 1993-A, 5.80% Due 6/1/21.
1,000,000 Illinois Health Facilities Authority, Revenue Bonds, Series 2003 at 102 AAA Aaa
1993 (Rush-Presbyterian-St. Luke's Medical Center
Obligated Group), 5.50% Due 11/15/25.
1,000,000 Massachusetts Bay Transportation Authority, General 2003 at 102 AAA Aaa
Transportation System Bonds, 1993
Series A Refunding, 5.50% Due 3/1/22. (General Obligation
Bonds.)
1,000,000 Massachusetts Health and Educational Facilities Authority, 2002 at 102 AAA Aaa
Revenue Bonds, Northeastern University Issue, Series E,
6.55% Due 10/1/22.
1,000,000 Bedford Area School District (Bedford County, Penn- 2004 at 100 AAA Aaa
sylvania), General Obligation Bonds, Series A of 1994,
6.20% Due 4/15/24. (When issued.)
1,000,000 Lehigh County, Pennsylvania, General Purpose Authority 2004 at 102 AAA Aaa
Hospital Revenue Bonds (Lehigh Valley Hospital, Inc.),
Series A of 1994, 6.25% Due 7/1/22.
1,000,000 Piedmont Municipal Power Agency (South Carolina), Electric 2003 at 102 AAA Aaa
Revenue Bonds, 1992 Refunding Series, 6.30% Due 1/1/22.
1,000,000 Baytown Properties Management and Development Corporation 2003 at 100 AAA Aaa
(Baytown, Texas), Refunding Mortgage Revenue Bonds Series
1993A (Baytown Terrace Project), 6.10% Due 8/15/21.
1,000,000 Washington Public Power Supply System, Nuclear Project No. 1 2003 at 102 AAA Aaa
Refunding Revenue Bonds, Series 1993A, 5.70% Due 7/1/17.
----------
$10,000,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 100.80 (5.71%) 5.74% (5.74%) 5.77% (5.76%) 5.79%
500-999 50,000-99,999 4.75 100.64 (5.71) 5.75 (5.75) 5.78 (5.77) 5.80
1,000-2,499 100,000-249,999 4.50 100.38 (5.73) 5.76 (5.76) 5.79 (5.78) 5.81
2,500-4,999 250,000-499,999 4.25 100.12 (5.74) 5.78 (5.78) 5.81 (5.80) 5.83
5,000-9,999 500,000-999,999 3.50 99.34 (5.79) 5.82 (5.82) 5.85 (5.84) 5.87
10,000-24,999 1,000,000-2,499,999 3.00 98.82 (5.82) 5.85 (5.85) 5.88 (5.87) 5.90
25,000-49,999 2,500,000-4,999,999 2.50 98.32 (5.85) 5.88 (5.88) 5.91 (5.90) 5.93
50,000 and over 5,000,000 and over 2.00 97.82 (5.88) 5.91 (5.91) 5.94 (5.93) 5.96
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 100.80 5.79 % 5.82 % 5.84 %
500-999 50,000-99,999 4.75 100.64 5.80 5.83 5.85
1,000-2,499 100,000-249,999 4.50 100.38 5.82 5.85 5.86
2,500-4,999 250,000-499,999 4.25 100.12 5.83 5.86 5.88
5,000-9,999 500,000-999,999 3.50 99.34 5.88 5.91 5.93
10,000-24,999 1,000,000-2,499,999 3.00 98.82 5.91 5.94 5.96
25,000-49,999 2,500,000-4,999,999 2.50 98.32 5.94 5.97 5.99
50,000 and over 5,000,000 and over 2.00 97.82 5.97 6.00 6.02
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
National Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4657(1) $ 5.7824
-------- $.4818 every month --------
Quarterly Distribution Plan........... $ .4657(1) $ .4845(2) $ 1.4535 $ 1.4535 $ 1.4535 $ 5.8144
Semi-Annual Distribution Plan......... $ .4657(1) $ 1.9440(3) $ 2.9160 $ 5.8334
- ---------------------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 4-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.11 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01606 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.4657 per unit for the 29-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 07/01/94 is $.4657 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01606 Quarterly - $0.01615
Semi-Annual - $0.01620
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------
DIVERSIFICATION OF PORTFOLIO INCOME
There are 10 Tax-exempt bond issues in this trust; this diversified portfolio
yields current income from issuers in 7 states.
- -------------------------------------------------
<TABLE>
<CAPTION>
Percent
of Total
Income
<S> <C> <C>
- ------------------------
%
California 19.7
Illinois 9.2
Massachusetts 20.1
Pennsylvania 20.8
<CAPTION>
Percent
of Total
Income
- ------------------------
<S> <C> <C>
%
South Carolina 10.5
Texas 10.2
Washington 9.5
</TABLE>
- -------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity
of portfolio bonds is 27.9 years. The first bond is scheduled to mature in July,
2017, with the last bond maturity being November, 2025.
- -------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
732
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
CALIFORNIA
INSURED
TRUST 226
Estimated Current Return
5.60% to 5.82%
as of 06/01/94
Estimated Long Term Return
5.72% to 5.95%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67064U 253 Monthly Payment Option
67064U 261 Quarterly Payment Option
67064U 279 Semi-Annual Payment Option
Registered in California
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, CALIFORNIA INSURED TRUST 226
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 2, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 105,000 California Health Facilities Financing Authority, Kaiser 2002 at 101 AAA Aaa
Permanente, Medical Care Program, Semiannual Tender
Revenue Bonds, 1985 Tender Bonds, 5.55% Due 8/15/25.
110,000 California Health Facilities Financing Authority, Insured 2002 at 102 AAA Aaa
Hospital Revenue Bonds (San Diego Hospital Association),
Series 1992B, 6.125% Due 8/1/22.
295,000 State Public Works Board of the State of California, Lease No Optional AAA Aaa
Revenue Bonds (Department of Corrections), 1993 Series E Call
(California State Prison-Madera County II), 5.50% Due
6/1/15.
500,000 Encinitas Public Financing Authority (California), 1993 2003 at 102 AAA Aaa
Water Revenue Bonds, Series A (San Dieguito Water
District), 5.25% Due 10/1/23.
500,000 Los Angeles County Transportation Commission (California), 2002 at 102 AAA Aaa
Proposition C Sales Tax Revenue Bonds, Second Senior
Bonds, Series 1992-A, 6.00% Due 7/1/23. (Original issue
discount bonds delivered on or about November 17, 1992 at
a price of 91.172% of principal amount.)
500,000 The City of Los Angeles, California, Wastewater System 2003 at 102 AAA Aaa
Revenue Bonds, Refunding Series 1993-A, 5.80% Due 6/1/21.
500,000 Northern California Power Agency, Hydroelectric Project 2003 at 102 AAA Aaa
Number One, Revenue Bonds, 1993 Refunding Series A, 5.50%
Due 7/1/24.
490,000 Redevelopment Agency of the City of Riverside (California), 2002 at 102 AAA Aaa
Tax Allocation Refunding Bonds, Casa Blanca Redevelopment
Project, 1993 Series A, 5.625% Due 8/1/23.
500,000 County of Sacramento, California (Sacramento County Public 2003 at 102 AAA Aaa
Facilities Financing Corporation), Refunding Certificates
of Participation (Sacramento Main Detention Facility
Project), 5.75% Due 6/1/15.
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 96.99 5.60% 5.63% 5.65%
500-999 50,000-99,999 4.75 96.84 5.61 5.64 5.66
1,000-2,499 100,000-249,999 4.50 96.59 5.62 5.65 5.67
2,500-4,999 250,000-499,999 4.25 96.33 5.64 5.67 5.69
5,000-9,999 500,000-999,999 3.50 95.59 5.68 5.71 5.73
10,000-24,999 1,000,000-2,499,999 3.00 95.09 5.71 5.74 5.76
25,000-49,999 2,500,000-4,999,999 2.50 94.60 5.74 5.77 5.79
50,000 and over 5,000,000 and over 2.00 94.12 5.77 5.80 5.82
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 96.99 5.72 % 5.75 % 5.77 %
500-999 50,000-99,999 4.75 96.84 5.72 5.76 5.78
1,000-2,499 100,000-249,999 4.50 96.59 5.74 5.78 5.80
2,500-4,999 250,000-499,999 4.25 96.33 5.75 5.79 5.81
5,000-9,999 500,000-999,999 3.50 95.59 5.80 5.84 5.86
10,000-24,999 1,000,000-2,499,999 3.00 95.09 5.83 5.87 5.89
25,000-49,999 2,500,000-4,999,999 2.50 94.60 5.86 5.90 5.92
50,000 and over 5,000,000 and over 2.00 94.12 5.89 5.93 5.95
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
California Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4373(1) $ 5.4296
-------- $.4524 every month --------
Quarterly Distribution Plan........... $ .4373(1) $ .4551(2) $ 1.3653 $ 1.3653 $ 1.3653 $ 5.4616
Semi-Annual Distribution Plan......... $ .4373(1) $ 1.8264(3) $ 2.7396 $ 5.4806
- ---------------------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 4-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.11 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01508 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.4373 per unit for the 29-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 07/01/94 is $.4373 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01508 Quarterly - $0.01517
Semi-Annual - $0.01522
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
732
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 27.2 years.
The first bond is scheduled to mature in June, 2015, with the last bond maturity
being August, 2025.
- -------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
FLORIDA
INSURED
TRUST 191
Estimated Current Return
First
Year: 5.57% to 5.79%
Subsequent
Years: 5.58% to 5.80%
as of 06/01/94
Estimated Long Term Return
5.60% to 5.83%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
6706H3 317 Monthly Payment Option
6706H3 325 Quarterly Payment Option
6706H3 333 Semi-Annual Payment Option
Registered in Florida
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, FLORIDA INSURED TRUST 191
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 2, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 250,000 State of Florida, Full Faith and Credit, State Board of 2003 at 101 AAA Aaa
Education, Public Education Capital Outlay Bonds, 1992
Series C, 5.875% Due 6/1/23. (General Obligation Bonds.)
500,000 Florida Municipal Power Agency, St. Lucie Project Refunding 2002 at 102 AAA Aaa
Revenue Bonds, Series 1992, 5.25% Due 10/1/21. (Original
issue discount bonds delivered on or about September 1,
1992 at a price of 91.655% of principal amount.)
500,000 State of Florida, Department of Transportation, Turnpike 2003 at 101 AAA Aaa
Revenue Refunding Bonds, Series 1993A, 5.25% Due 7/1/22.
(Original issue discount bonds delivered on or about May
27, 1993 at a price of 94.043% of principal amount.)
500,000 Hillsborough County Industrial Development Authority 2004 at 102 AAA Aaa
(Florida), Industrial Development Revenue Bonds, Series
1994 (University Community Hospital), 5.80% Due 8/15/24.
500,000 City of North Miami Beach, Florida, General Obligation 2004 at 102 AAA Aaa
Bonds, Series 1994, 6.30% Due 2/1/24.
525,000 Orange County, Florida, Tourist Development Tax Revenue 2002 at 100 AAA Aaa
Bonds, Series 1992B, 6.00% Due 10/1/21. (Original issue
discount bonds delivered on or about April 21, 1992 at a
price of 91.375% of principal amount.)
200,000 City of Starke, Florida, Utilities Revenue and Refunding 2004 at 102 AAA Aaa
Bonds, Series 1994, 6.15% Due 7/1/19. (When issued.)
525,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.50% Due 7/1/23. 1/2
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
AMOUNT PURCHASED Public -----------------------------------------------------------
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- --------------- --------------- ---------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 101.22 (5.57%) 5.58% (5.60%) 5.61% (5.62%) 5.63%
500-999 50,000-99,999 4.75 101.06 (5.58) 5.59 (5.61) 5.62 (5.63) 5.64
1,000-2,499 100,000-249,999 4.50 100.80 (5.59) 5.60 (5.63) 5.63 (5.64) 5.65
2,500-4,999 250,000-499,999 4.25 100.53 (5.61) 5.61 (5.64) 5.65 (5.66) 5.67
5,000-9,999 500,000-999,999 3.50 99.75 (5.65) 5.66 (5.68) 5.69 (5.70) 5.71
10,000-24,999 1,000,000-2,499,999 3.00 99.24 (5.68) 5.69 (5.71) 5.72 (5.73) 5.74
25,000-49,999 2,500,000-4,999,999 2.50 98.73 (5.71) 5.72 (5.74) 5.75 (5.76) 5.77
50,000 and over 5,000,000 and over 2.00 98.22 (5.74) 5.75 (5.77) 5.78 (5.79) 5.80
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 101.22 5.60 % 5.64 % 5.66 %
500-999 50,000-99,999 4.75 101.06 5.61 5.65 5.66
1,000-2,499 100,000-249,999 4.50 100.80 5.63 5.66 5.68
2,500-4,999 250,000-499,999 4.25 100.53 5.64 5.68 5.69
5,000-9,999 500,000-999,999 3.50 99.75 5.68 5.72 5.74
10,000-24,999 1,000,000-2,499,999 3.00 99.24 5.71 5.75 5.77
25,000-49,999 2,500,000-4,999,999 2.50 98.73 5.74 5.78 5.80
50,000 and over 5,000,000 and over 2.00 98.22 5.77 5.81 5.83
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to the Date of Deposit. Figures in
brackets represent the current return. The first year's estimated current
returns are slightly lower than those for subsequent years because a portion
of the monies received in the first year only will be treated as a return of
principal due to the inclusion in the portfolio of "when issued" or other
Bonds having delivery dates after the date of settlement for a purchase made
on the Date of Deposit.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Florida Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4544(1) $ 5.6444
-------- $.4701 every month --------
Quarterly Distribution Plan........... $ .4544(1) $ .4728(2) $ 1.4184 $ 1.4184 $ 1.4184 $ 5.6764
Semi-Annual Distribution Plan......... $ .4544(1) $ 1.8984(3) $ 2.8476 $ 5.6954
- ---------------------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 4-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.11 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01567 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.4544 per unit for the 29-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 07/01/94 is $.4544 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01567 Quarterly - $0.01576
Semi-Annual - $0.01582
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
- --------------------------------------------------------------------------------
732
<PAGE>
- -------------------------------------------------------
AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 28.4 years.
The first bond is scheduled to mature in July, 2019, with the last bond maturity
being August, 2024.
- -------------------------------------------------
BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
- -------------------------------------------------
CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
- -------------------------------------------------
NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
- -------------------------------------------------
REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
- -------------------------------------------------
* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
- -------------------------------------------------------
FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
NUVEEN Tax-Exempt Unit Trusts
NUVEEN
OHIO
INSURED
TRUST 115
Estimated Current Return
5.56% to 5.78%
as of 06/01/94
Estimated Long Term Return
5.60% to 5.83%
35,000 units in a
diversified $3,500,000
portfolio of tax-exempt
bonds rated "AAA"
Cusip:
67101Y 409 Monthly Payment Option
67101Y 417 Quarterly Payment Option
67101Y 425 Semi-Annual Payment Option
Registered in Ohio
John Nuveen & Co. Incorporated
Investment Bankers
<TABLE>
<S> <C>
Chicago: Atlanta
333 W. Wacker Dr. Austin
Chicago, Illinois 60606 Boca Raton
Telephone: 312.917.7700 Boston
Columbus
New York: Dallas/Ft. Worth
Swiss Bank Tower Irvine
10 East 50th Street Philadelphia
New York, New York 10022 Phoenix
Telephone: 212.207.2000 San Francisco
Seattle
Tampa
Washington, D.C.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NUVEEN TAX-EXEMPT UNIT TRUST--INSURED, OHIO INSURED TRUST 115
SCHEDULE OF INVESTMENTS
DATE OF DEPOSIT JUNE 2, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratings
Optional -----------------------
Aggregate Name of Issuer and Title of Issue Represented Redemption Standard
Principal by Sponsor's Contracts to Purchase Bonds Provisions & Poor's Moody's
<C> <C> <S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
$ 500,000 Ohio Water Development Authority, State of Ohio, 2002 at 102 AAA Aaa
Collateralized Water Development Revenue Refunding Bonds,
1992 Series A (The Dayton Power and Light Company
Project), 6.40% Due 8/15/27.
300,000 City of Akron, Ohio, Waterworks System Mortgage Revenue 2004 at 102 AAA Aaa
Improvement Bonds, Series 1994, 6.00% Due 3/1/14. (When
issued.)
475,000 Akron, Bath and Copley Joint Township Hospital District, 2003 at 102 AAA Aaa
Ohio, Hospital Refunding Revenue Bonds, Series 1993
(Children's Hospital Medical Center of Akron), 5.25% Due
11/15/20.
500,000 City of Hamilton], Ohio, Electric System Mortgage Revenue 2002 at 102 AAA Aaa
Refunding Bonds, 1992 Series A, 6.00% Due 10/15/23.
250,000 City of Hamilton], Ohio, Gas System Revenue Bonds, 1993 2003 at 102 AAA Aaa
Series A, 5.15% Due 10/15/13.
500,000 County of Lucas, Ohio, Hospital Refunding Revenue Bonds, 2003 at 102 AAA Aaa
Series 1993B (St. Vincent Medical Center), 5.375% Due
8/15/17.
500,000 The University of Toledo (A State University of Ohio), 2002 at 102 AAA Aaa
General Receipts Bonds, Series 1992A, 5.90% Due 6/1/20.
475,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2004 at 101 AAA Aaa
1994 (General Obligation Bonds), 6.50% Due 7/1/23. 1/2
----------
$3,500,000
----------
----------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
UNIT PRICE, ESTIMATED CURRENT RETURN AND ESTIMATED LONG TERM RETURN DEPEND ON
AMOUNT PURCHASED AND PAYMENT OPTION
Sales charge/volume discount applies on all concurrent purchases of any Nuveen
trust units. Estimated Current Return equals net income divided by offering
price. Estimated Long Term Return represents an average of the yields to
maturity (or call) of the Bonds in the Trust adjusted to reflect expenses and
sales charges.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Estimated Current Return (2)
-----------------------------------------------------
AMOUNT PURCHASED Public
- ------------------------------------- Sales Offering Monthly Quarterly Semi-Annual
Units Dollars Charge Price (1) Payment Payment Payment
- ---------------- ------------------- ------ ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
50-499 $5,000-$49,999 4.90 % $ 101.35 5.56% 5.59% 5.61%
500-999 50,000-99,999 4.75 101.19 5.57 5.60 5.62
1,000-2,499 100,000-249,999 4.50 100.92 5.59 5.62 5.64
2,500-4,999 250,000-499,999 4.25 100.66 5.60 5.63 5.65
5,000-9,999 500,000-999,999 3.50 99.88 5.64 5.68 5.70
10,000-24,999 1,000,000-2,499,999 3.00 99.36 5.67 5.71 5.73
25,000-49,999 2,500,000-4,999,999 2.50 98.85 5.70 5.74 5.76
50,000 and over 5,000,000 and over 2.00 98.35 5.73 5.77 5.78
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
AMOUNT PURCHASED
- -------------------------------------
Estimated Long Term Return (3)
Units -----------------------------------------------------
- ----------------
Public
Sales Offering Monthly Quarterly Semi-Annual
Dollars Charge Price (1) Payment Payment Payment
------------------- ------ ----------- ------------- ------------- -------------
50-499 $5,000-$49,999 4.90 % $ 101.35 5.60 % 5.64 % 5.66 %
500-999 50,000-99,999 4.75 101.19 5.61 5.65 5.66
1,000-2,499 100,000-249,999 4.50 100.92 5.63 5.66 5.68
2,500-4,999 250,000-499,999 4.25 100.66 5.64 5.68 5.69
5,000-9,999 500,000-999,999 3.50 99.88 5.68 5.72 5.74
10,000-24,999 1,000,000-2,499,999 3.00 99.36 5.71 5.75 5.77
25,000-49,999 2,500,000-4,999,999 2.50 98.85 5.74 5.78 5.80
50,000 and over 5,000,000 and over 2.00 98.35 5.77 5.81 5.83
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(1) As of the business day prior to the Date of Deposit. Units are offered at
the Public Offering Price plus accrued interest.
(2) All figures as of the business day prior to Date of Deposit. The estimated
current return for purchases made on such date will be as shown, as long as
the portfolio size and composition remain the same.
(3) In contrast to Estimated Current Return, Estimated Long Term Return reflects
the amortization of premium or accretion of discount, if any, on the bonds
in the Trust's portfolio.
- --------------------------------------------------------------------------------
INTEREST DISTRIBUTIONS TO UNITHOLDERS Unitholders may elect to have interest
distributions made on a monthly, quarterly, or semi-annual basis. Record Dates
are May 1 and November 1 for semi-annual distributions; February 1, May 1,
August 1 and November 1 for quarterly distributions; and the first of each month
for monthly distributions. Details of interest distributions per unit under the
various plans appear in the following table based upon estimated net annual
interest income at the Date of Deposit:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Normal
Distributions
Ohio Insured Trust 1994 1995 per Year +
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------- --------------
Record Date*.......................... 7/1 8/1 11/1 2/1 5/1
Distribution Date..................... 7/15 8/15 11/15 2/15 5/15
- ---------------------------------------------------------------------------------------------------------------------------------
Monthly Distribution Plan............. $ .4541(1) $ 5.6379
-------- $.4698 every month --------
Quarterly Distribution Plan........... $ .4541(1) $ .4722(2) $ 1.4166 $ 1.4166 $ 1.4166 $ 5.6699
Semi-Annual Distribution Plan......... $ .4541(1) $ 1.8960(3) $ 2.8440 $ 5.6889
- ---------------------------------------------------------------------------------------------------------------------------------
<FN>
* Record Dates for semi-annual distributions are May 1 and November 1; for quarterly distributions, they are February 1, May 1,
August 1 and November 1. Record Dates for monthly distributions are the first day of each month.
(1) The first distribution will be paid to all Unitholders, regardless of the distribution plan selected. Such distribution may
be more or less than a regular monthly distribution.
(2) The second distribution under the quarterly distribution plan represents a 1-month distribution; subsequent quarterly
distributions will be regular 3-month distributions.
(3) The second distribution under the semi-annual distribution plan represents a 4-month distribution; subsequent semi-annual
distributions will be regular 6-month distributions.
</TABLE>
+ Interest for Unitholders of this series began to accrue as of the Date of
Deposit. Units purchased on the Date of Deposit will have $.11 of accrued
interest that will be added to the Public Offering Price on the Settlement Date.
After provision for expenses of the Fund, the daily rate of accrual from the
Date of Deposit to the first Record Date is $.01566 per unit per day.
Consequently, on the first Record Date (07/01/94), accrued interest will total
$0.4541 per unit for the 29-day period. All interest accrued from the Date of
Deposit to the first Record Date, less expenses, will be distributed on the
first Distribution Date to Unitholders of Record as of the first Record Date.
The first payment to all Unitholders of Record on 07/01/94 is $.4541 per unit.
After the first Record Date daily rates of accrual are:
Monthly - $0.01566 Quarterly - $0.01574
Semi-Annual - $0.01580
This daily rate of accrual, and the annual distributions shown above, will
remain the same as long as the portfolio size and composition remain the same.
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AVERAGE PORTFOLIO LIFE The average maturity of portfolio bonds is 26.6 years.
The first bond is scheduled to mature in October, 2013, with the last bond
maturity being August, 2027.
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BONDS INSURED BY MBIA Each bond in this Nuveen Insured series has been
insured* by the Municipal Bond Investors Assurance Corporation, which guarantees
timely payments of principal and interest. Premium payments have been fully paid
by the Date of Deposit.
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CALL PROTECTION Bonds are first subject to optional redemption by the issuers
in the years and at the prices shown under the Redemption Provisions column in
the Schedule of Investments. Unless otherwise stated, in subsequent years, bonds
are redeemable at declining prices, but not usually below par value. Some issues
or some portions of issues may also be subject to sinking fund redemption or
extraordinary redemption without premium prior to the dates shown.
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NO CHARGE FOR REDEMPTION The Trustee, United States Trust Company of New York,
will redeem units at net asset value. In addition, John Nuveen & Co.
Incorporated intends to maintain a secondary market for this Nuveen Tax-Exempt
Unit Trust. Inasmuch as all securities investments are subject to market price
fluctuation, net asset value at the time of redemption could be more or less
than the initial investment.
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REINVESTMENT OPTIONS Specify automatic reinvestment of trust income, with no
sales charge, to earn compounded dividends with Nuveen mutual funds.
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* Insurance relates specifically to the bonds and not to the units or to the
market value of units. Terms of the insurance are more fully described in the
prospectus. No representation is made as to the insurer's ability to meet its
commitments. See Section 5 of the prospectus for details.
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FOR A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION, INCLUDING CHARGES AND
EXPENSES, ON THIS NUVEEN TAX-EXEMPT UNIT TRUST AND ANY OTHER NUVEEN FUND, CALL
YOUR BROKER . . . OR NUVEEN AT
1-800-257-8787
READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
